CMS advises an international oil & gas company in Romania on successful multimillion-euro tax litigation case

International law firm CMS is pleased to announce that it has successfully represented in court a subsidiary of an international oil & gas company in Romania in a 6-year-long VAT dispute with the Romanian tax authorities. The case sets out… Read moreCMS advises an international oil & gas company in Romania on successful multimillion-euro tax litigation case

Romania adopts 5G Law amid public discussions on postponement of auctions

On 7 June 2021, the Romanian parliament adopted the Law on the conditions for the deployment of 5G networks, which is now awaiting promulgation by the Romanian President. Based on the initial draft, there is one new relevant amendment, which… Read moreRomania adopts 5G Law amid public discussions on postponement of auctions

CMS advises ING Bank Romania on EUR 100m financing extension including ESG components

International law firm CMS has advised ING Bank Romania on the extension and modification of a bilateral EUR 100m loan granted to a company within the NEPI Rockcastle Group, among others, with the addition of certain Environment, Social and Governance… Read moreCMS advises ING Bank Romania on EUR 100m financing extension including ESG components

Romania allocates EUR 1.6 bn to green energy under the EU Recovery and Resilience Plan

On May 31, Romania sent the European Commission the National Recovery and Resilience Plan (NRRP) for approval, a proposal that includes all seven EU policy flagship areas and sets out the reforms and public investment projects that Romania intends to implement with the support… Read moreRomania allocates EUR 1.6 bn to green energy under the EU Recovery and Resilience Plan

Weather business in Romania. A forecast of opportunities and challenges

Fast and precise weather information is in big demand, especially among weather-sensitive industries such as transportation, agriculture, energy as well as utilities, travel, construction, sports and even the retail sector[1].  Increasingly, private companies use the latest in technological and analytics… Read moreWeather business in Romania. A forecast of opportunities and challenges

CMS assists National Bank of Greece with disposal of Romanian non-performing corporate loan portfolio (Project Danube)

International law firm CMS has assisted the National Bank of Greece (NBG) on completing the disposal of a Romanian-risk portfolio of non-performing and underperforming corporate loans (NPLs), with a total gross book value of approximately €174 million (€102 million of allocated… Read moreCMS assists National Bank of Greece with disposal of Romanian non-performing corporate loan portfolio (Project Danube)

Romanian Competition Council continues scrutiny of bid rigging

Bid rigging remains a concern for the Romanian Competition Council (RCC), which recently launched an investigation into possible anti-competitive agreements among companies that participated as bidders in the procurement procedure for the project Hub Services (Electronic Service Delivery Centre) at the… Read moreRomanian Competition Council continues scrutiny of bid rigging

Romania changes the conditions for submission of ultimate beneficial owner statement

On 27 April 2021, Law no. 101/2021 approving and amending Government Emergency Ordinance no. 111/2020 was published in the Romanian Official Gazette, amending Law no. 129/2019 on money laundering and terrorist financing and other specific legislation. Law 101/2020 came into… Read moreRomania changes the conditions for submission of ultimate beneficial owner statement

Romania expected to pass laws regulating remote work

With the COVID-19 pandemic making work-from-home the new “normal” within most companies, the Romanian government is expected to adopt two draft labour-sector ordinance and amend legislation, which will simplify the ability of companies to implement remote work or telework –… Read moreRomania expected to pass laws regulating remote work